State companies winning deals because of government-to- government interaction has become a rule rather than an exception. This will increase competition for multinational companies in acquiring oil and gas assets.

Unlike in the 1980s and 1990s, this time the Japanese are going to be more circumspect and invest in their end markets, which would include Europe and the United States.

China has to move to a more flexible foreign currency trading system, no question about that. You might see two or three moves to widen the band, say to 0.5 percent.

The fact that the talks are resuming is a big positive. But it's going to be a slow process.

State companies winning deals because of government-to- government interaction has become a rule rather than an exception. This will increase competition for multinational companies in acquiring oil and gas assets.

Indian manufacturing is constrained in its growth by the fact that it just can't ship goods in and out fast enough to compete with Chinese delivery time. India needs to really focus on this aspect if it is going to grow at anything above 7 percent.